Friday, October 28, 2011 : ONLINE BETTING GOOD FOR CHURCHILL DOWNS
Online arm offsets decline in racing revenues
US racetrack owner Churchill Downs Incorporated's (CDI) online wagering arm Twin Spires.com contributed well towards the company's Q3/2010 results this week.
Twin Spires.com experienced a 4.2 percent increase in wagering compared to the same period in 2010, attributable to a growth in customers and an increase in average-daily wagering through the platform.
EBITDA from CDI’s Online business grew $4.0 million compared to Q3/2010, due to an increase of $2.2 million in pari-mutuel revenue as well as the impact of charges related to the Youbet.com integration that were recorded during the third quarter of 2010.
Robert Evans, chairman and chief executive officer, CDI said: “Once again, the decline in net revenues and EBITDA in our Racing Operations was more than offset by significant gains in our Online and Gaming businesses.”